EBSC Lending has arranged a $45 million construction loan for the development of a luxury apartment community with retail space in Iselin, New Jersey. The 24-month, non-recourse construction loan features a fixed rate and full-term, interest-only payments with two 12-month extension options.
ISELIN, NJ / ACCESSWIRE / July 23, 2024 / EBSC Lending has arranged a $45 million construction loan for the development of a luxury apartment community with retail space in Iselin, New Jersey. The 24-month, non-recourse construction loan features a fixed rate and full-term, interest-only payments with two 12-month extension options.
The development is minutes away from major thoroughfares, including the Garden State Parkway, New Jersey Turnpike and New Jersey Routes 1, 9, 18, 27 and 287. It is also close to the Metro Park transit station.
The luxury apartment community will comprise of three, four-story buildings featuring 214 units, underground and surface-level parking, and an 9,200-square-foot retail space. Plans include a second phase of the project, which will bring the number of units to 320. The units will be built with hardwood floors, granite countertops, and in-unit washers and dryers, while the community's amenities include a gym, rooftop terrace, grilling area, catering kitchen with storage, multipurpose rooms, yoga room, pet washing stations, bike storage rooms, outdoor pool.
"In a market where construction lending has become more challenging to obtain, we were able to effectively advocate for our client and negotiate a favorable term, including a non recourse and no prepayment penalty." said Leslie Augustin, senior vice president at EBSC Lending, in prepared remarks.
Contact information.
Martin Alex.
EBSC Lending.
(949) 229 5155.
info@EBSC-Lending.com
SOURCE: EBSC Lending
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